The average time a rental property is on the market is sitting at an average of just 19 days.

A PropTrack report shows rental prices grew at the fastest pace on record in the September quarter, rising 4.3%.

The national median rent is now $480 per week and rental stock is at its lowest level in almost two decades.

The report found the return of foreign workers and international students after the easing of pandemic restrictions is placing even more pressure on the rental market.

It says the number of days a rental property remains listed has been sitting around 19 or 20 days for the past eight months, which is lower than the 22 days it took at this time last year.

In Sydney and Melbourne rental properties are being snapped up within 20 days.

Cameron Kusher of PropTrack says the growth and tightness of the rental market appears to be shifting from regional areas back to the capital cities.